Microchip Technology Inc. (NASDAQ:MCHP) Expected to Announce Quarterly Sales of $1.33 Billion

Equities analysts expect Microchip Technology Inc. (NASDAQ:MCHP) to announce $1.33 billion in sales for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Microchip Technology’s earnings. The lowest sales estimate is $1.33 billion and the highest is $1.34 billion. Microchip Technology posted sales of $1.21 billion in the same quarter last year, which would indicate a positive year over year growth rate of 9.9%. The firm is scheduled to issue its next quarterly earnings results on Thursday, August 8th.

On average, analysts expect that Microchip Technology will report full-year sales of $5.54 billion for the current financial year, with estimates ranging from $5.48 billion to $5.67 billion. For the next financial year, analysts expect that the firm will report sales of $5.96 billion, with estimates ranging from $5.74 billion to $6.37 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that that provide coverage for Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.08. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. The business’s revenue was up 32.6% on a year-over-year basis. During the same quarter last year, the company earned $1.40 EPS.

A number of research firms recently issued reports on MCHP. BidaskClub cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, May 14th. Mizuho lifted their price target on shares of Microchip Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, May 9th. Rosenblatt Securities reissued a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a research note on Monday, May 6th. Finally, BMO Capital Markets dropped their price target on shares of Microchip Technology from $118.00 to $110.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $103.61.

Shares of NASDAQ MCHP opened at $83.81 on Thursday. The company has a market cap of $19.96 billion, a PE ratio of 13.78, a PEG ratio of 1.11 and a beta of 1.44. Microchip Technology has a 12 month low of $60.70 and a 12 month high of $103.27. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Shareholders of record on Tuesday, May 21st were issued a $0.3655 dividend. The ex-dividend date was Monday, May 20th. This represents a $1.46 dividend on an annualized basis and a yield of 1.74%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio (DPR) is presently 24.01%.

In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.13% of the company’s stock.

A number of hedge funds have recently made changes to their positions in MCHP. Vanguard Group Inc lifted its holdings in Microchip Technology by 0.9% in the 3rd quarter. Vanguard Group Inc now owns 26,236,361 shares of the semiconductor company’s stock valued at $2,070,312,000 after purchasing an additional 237,329 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in Microchip Technology by 28.6% in the 4th quarter. Advisors Asset Management Inc. now owns 26,666 shares of the semiconductor company’s stock valued at $1,918,000 after purchasing an additional 5,923 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Microchip Technology by 41.5% in the 4th quarter. Parallel Advisors LLC now owns 1,105 shares of the semiconductor company’s stock valued at $79,000 after purchasing an additional 324 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Microchip Technology by 11.4% in the 4th quarter. Victory Capital Management Inc. now owns 949,293 shares of the semiconductor company’s stock valued at $68,273,000 after purchasing an additional 96,896 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in Microchip Technology by 7,043.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 1,815,732 shares in the last quarter.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

Recommended Story: Understanding Compound Annual Growth Rate (CAGR)

Get a free copy of the Zacks research report on Microchip Technology (MCHP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.